Tech billionaires, Elon Musk, Jeff Bezos, and others have reportedly lost over $300 billion within President Donald Trump’s first 100 days in office.
This was contained in a recent report by Forbes.
The report indicated that Tesla, owned by Musk, who is currently heading the Department Of Government Efficiency, DOGE fell by 33% amid investor concerns about supply chain disruptions.
The development, according to reports, also followed Musk’s increasingly contentious political alignments in the United States.
Vanguard reports that since Trump returned to the White House on January 20, Musk’s fortune has shrunk by more than $45 billion.
According to reports, the figure represents the largest individual decline among billionaires in the United States.
Forbes also indicated that the US stock market posted its worst start to a presidential term in 50 years, as S&P 500 and Dow Jones Industrial Average were down nearly 8% each amid a trade war fueled by President Trump’s renewed focus on tariffs.
Among the top ten hardest hit are Amazon’s Jeff Bezos (down $34.8 billion), Google co-founders Sergey Brin and Larry Page (down $25.6 billion and $27.4 billion, respectively), and Meta’s Mark Zuckerberg (down $21.5 billion).
Also, Oracle co-founder, Larry Ellison, saw his wealth tumble by $28.2 billion.
The report also stated that Stephen Schwarzman of Blackstone, who reversed his initial decision to stay away from President Trump’s 2024 campaign, has lost nearly $11 billion.
However, despite the downturn, Warren Buffett, the chairman of Berkshire Hathaway, has emerged as the biggest winner of Trump’s early presidency.
